How has AI contributed to the reliability of financial operations?

Misa Zivic , our CEO and co-founder was part of the tenth episode of the podcast “The Language of Finance” - Jezik Finansija .

In the podcast Mi?a analyzes the challenges related to data protection in the financial sector, highlighting the high costs that financial institutions must bear to protect themselves from cyber attacks, especially during high transaction periods such as Black Friday.

The conversation also explores how artificial intelligence is already reducing operational costs and how it will continue to shape the sectors of customer support, cyber security, and risk management.

The episode titled “How has artificial intelligence contributed to the reliability of financial operations?” is available from today on June 12, 2024, on their YouTube channel and streaming platforms.

See below for what to expect in the episode.

*The original conversation in the video is in Serbian language.

1. How much does data protection for financial institutions cost? Can they afford that cost?

The average data breach in the financial industry costs a company 5.8 million USD. Investments in data protection are very expensive but necessary due to the rapid rise in data breach costs.

2. When do cyber attacks most often occur?

A favorable time is a period of high business activity/number of transactions, such as Black Friday. That’s when attackers can “hide more easily.”

3. Will the application of artificial intelligence reduce operational costs in the financial industry?

Artificial intelligence has a very potent impact on the financial sector. There are already proven case studies with significant savings in customer support and cyber security.

4. How do you see the future application of artificial intelligence and IT in the financial industry?

Customer support, cyber security, marketing, risk management, etc., are just some of the possible spheres of influence of artificial intelligence on the financial industry. And the impact of IT in general, is now a concluded question – the financial industry today is part of the IT industry.